Gas Light & Banking Co. v. Haynes

The judgment of the court was pronounced by

Preston, J.

By the 5th section of the act passed in 1833, to incorporate the Clinton and Port Pludson Railroad Company, the president and directors were authorized to borrow money for the objects of the act, by the pledge of stock or other security, and to issue certificates or other evidence of such loans.

At the next session of the Legislature, in 1834, the capital'of the company was increased five hundred thousand dollars, of which two hundred and fifty thousand dollars was to be obtained by a loan on real security, and, to secure the loan, a…